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Oil Down 10% Since Start of November, Wall St Reacts Negatively to December Rate Hike Possibility
November 13, 2015 7:30 amVideo
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The Dollar was steady on Friday, as the market’s appetite for risk receded after a sell-off in US equity markets, which pulled the Dollar away from its recent highs. Comments from New York Fed President William Dudley indicating a December rate hike was still very much on the cards, coupled with lower commodity prices, meant Wall Street saw its worse session in more than a month. The Dow Jones Industrial Average dropped 1.44% to 17 448.07 and the tech heavy NASDAQ fell 1.22% to 5 005.08.
The Dollar was little changed at 122.64 yen, off Monday’s 2 1/2-month peak of 123.60, as risk appetite receded.
The Euro slipped 0.3 percent to $1.0786, extending Thursday’s drop to $1.0691 after European Central Bank chief Mario Draghi singled out the currency’s more robust performance since May as one driver for a “weakening” outlook on inflation.
In the commodity market, oil fell to over a two month low. US Crude futures extended their losses into a third session, pulled down on the supply side by a relentless climb in oil stockpiles, which has triggered a 10% drop in prices since the start of November. Demand for oil has particularly slid in two of Asia’s biggest economies; China and Japan, which has led to concerns for investors about slowing demand.
There is a raft of economic data published today from the US at 13:30 UK time including Retail Sales and PPI with analysts forecasting 0.3% and 0.2% respectively
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